US stocks trade mixed as investors assess reports Omicron variant causing ‘mild’ symptoms

Trader on the floor of the New York Stock Exchange
Trading on the floor of the New York Stock Exchange.

  • US stock were mostly higher on Monday as investors assess Omicron reports.
  • Reports indicate the new coronavirus variant is producing mild symptoms in patients. 
  • Bitcoin is stabilizing after a sharp selloff over the weekend. 

US stocks were mixed on Monday, with investors starting the week with reports about the severity of symptoms produced in patients infected with the new coronavirus variant Omicron. 

The S&P 500 and the Dow Jones Industrial Average clung to small gains while the Nasdaq Composite dropped. Investors weighed reports from South Africa and Japan that Omicron patients are largely experiencing mild symptoms. The variant was recently first identified in South Africa. 

“Omicron continues to be a concern, and while there’s still a lot more we don’t know than we do know about the latest strain, reports continue to suggest that despite the higher transmissibility, its impact has not been nearly as harsh,” said Bespoke Investment Group, in a note early Monday. 

Worries about rising cases of Omicron contributed to a selloff on cryptocurrencies over the weekend, but bitcoin was showing signs of stabilization.

Here’s where US indexes stood at 9:30 a.m. on Monday:   

Shares of Lucid Motors fell after the luxury electric vehicle maker revealed its been subpoenaed by the Securities and Exchange Commission. 

ConstitutionDAO, the group that tried and failed to win a copy of the US Constitution at auction, saw its People Token spike since disbanding. 

Oil prices jumped, with West Texas Intermediate crude up by 2.6% to $67.98 per barrel. Brent, oil’s international benchmark, climbed 2.1% to $71.43 per barrel. 

Gold fell 0.27% to $1,779.30 per ounce. 

Bitcoin fell 1.9% to $48,453.47.

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